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Articles 2311 - 2340 of 2930
Full-Text Articles in Social and Behavioral Sciences
Asset Markets, General Equilibrium And The Neutrality Of Money, Christophe Chamley, Heracles M. Polemarchakis
Asset Markets, General Equilibrium And The Neutrality Of Money, Christophe Chamley, Heracles M. Polemarchakis
Cowles Foundation Discussion Papers
When government liabilities (including money) are held in private portfolios only as stores of value, and do not provide additional benefits (as liquidity services), the real variables in an economy with uncertainty are not affected by the government’s trading in assets. There are also policies which alter the money supply through taxes or subsidies, and affect the price of money without changing real variables.
The Optimal Progressive Income Tax — The Existence And The Limit Tax Rates, Mamoru Kaneko
The Optimal Progressive Income Tax — The Existence And The Limit Tax Rates, Mamoru Kaneko
Cowles Foundation Discussion Papers
The purpose of this paper is to consider the problem of optimal income taxation in the domain of progressive (convex) income tax function. This paper proves the existence of an optimal tax function and that the optimal marginal and average tax rates tend asymptotically to 100 percent as income level becomes arbitrarily high.
Algorithms For The Linear Complementarity Problem Which Allow An Arbitrary Starting Point, Dolf A.J.J Talman, Ludo Van Der Heyden
Algorithms For The Linear Complementarity Problem Which Allow An Arbitrary Starting Point, Dolf A.J.J Talman, Ludo Van Der Heyden
Cowles Foundation Discussion Papers
No abstract provided.
The Conventionally Stable Sets In Noncooperative Games With Limited Observations: Definitions And Introductory Arguments, Mamoru Kaneko
The Conventionally Stable Sets In Noncooperative Games With Limited Observations: Definitions And Introductory Arguments, Mamoru Kaneko
Cowles Foundation Discussion Papers
This paper attempts to define a new solution concept for n-person noncooperative games. The idea of the new concept is based on that of the von Neumann-Morgenstern stable set, or more precisely, rather on their interpretation of it which they call “standards of behavior.” This new approach enables us to consider new interesting problems of information. Further this approach gives us a plausible interpretation of Nash equilibrium. This paper provides the definition and considers the new solution concept for zero-sum two-person games, the prisoner’s dilemma, the battle of sexes and games with a continuum of players.
Schumpeterian Dynamics I. An Evolutionary Model Of Innovation And Imitation, Katsuhito Iwai
Schumpeterian Dynamics I. An Evolutionary Model Of Innovation And Imitation, Katsuhito Iwai
Cowles Foundation Discussion Papers
No abstract provided.
Schumpeterian Dynamics Ii. Technological Progress, Firm Growth And ‘Economic Selection', Katsuhito Iwai
Schumpeterian Dynamics Ii. Technological Progress, Firm Growth And ‘Economic Selection', Katsuhito Iwai
Cowles Foundation Discussion Papers
No abstract provided.
On The Infinite Welfare Cost Of Inflation And Other Second Order Effects, Christophe Chamley
On The Infinite Welfare Cost Of Inflation And Other Second Order Effects, Christophe Chamley
Cowles Foundation Discussion Papers
The optimal inflation rate is analyzed in a simple model of intertemporal general equilibrium where agents have an operative bequest motive and taxation is distortionary. Monetary balances are used as a productive input, and agents have perfect foresight. The optimal value of the permanent inflation rate can be approximated by a simple formula. The case in which the growth of aggregate income exceeds the social discount rate is unlikely to be important, and the optimal value of the permanent inflation rate depends on the existence of a short-run trade-off between unemployment and inflation.
Approximate Equilibria With Bounds Independent Of Preferences, Robert M. Anderson, M. Ali Khan, Salim Rashid
Approximate Equilibria With Bounds Independent Of Preferences, Robert M. Anderson, M. Ali Khan, Salim Rashid
Cowles Foundation Discussion Papers
We prove the existence of approximate equilibria in exchange economies, giving bounds on the excess demand in terms of the number of traders and norms of the endowments, but independent of the preferences.
Arbitrage Pricing Theory In A Finite Economy, John J. Beggs
Arbitrage Pricing Theory In A Finite Economy, John J. Beggs
Cowles Foundation Discussion Papers
No abstract provided.
Estimated Effects Of Relative Prices On Trade Shares, Ray C. Fair
Estimated Effects Of Relative Prices On Trade Shares, Ray C. Fair
Cowles Foundation Discussion Papers
No abstract provided.
Efficient Stationary Taxation And Intertemporal General Equilibrium, Christophe Chamley, Douglas Downing
Efficient Stationary Taxation And Intertemporal General Equilibrium, Christophe Chamley, Douglas Downing
Cowles Foundation Discussion Papers
We present a method to analyze the welfare cost of price distortions created by taxes on the incomes of capital and labor and on consumption in an intertemporal model of general equilibrium. This efficiency cost depends in an important way on the production technology. It is not very sensitive to the ratio between the tax rates on capital and labor respectively, when the elasticity of substitution between these factors is small. Our method allows us to determine under the assumptions of the model, the optimal combination of taxes on capital and labor income respectively. The consumption tax is more efficient …
Market Structure In The ‘Research And Development’ Phase, John J. Beggs
Market Structure In The ‘Research And Development’ Phase, John J. Beggs
Cowles Foundation Discussion Papers
No abstract provided.
Mandatory Retirement Saving And Capital Formation, Walter Dolde, James Tobin
Mandatory Retirement Saving And Capital Formation, Walter Dolde, James Tobin
Cowles Foundation Discussion Papers
No abstract provided.
The Dynamic Interaction Between Industry Level Profits And Research And Development, John J. Beggs
The Dynamic Interaction Between Industry Level Profits And Research And Development, John J. Beggs
Cowles Foundation Discussion Papers
No abstract provided.
Interest Rate Policies And Informational Efficiency, Laurence Weiss
Interest Rate Policies And Informational Efficiency, Laurence Weiss
Cowles Foundation Discussion Papers
Monetary policy may be implemented either by controlling the nominal money supply or by fixing the nominal interest rates. This paper investigates the effects on available information of both kinds of policies in the equilibrium rational expectations model presented in Grossman-Weiss (1980). A necessary and sufficient condition for informational efficiency is that agents have homogenous expectations about the real interest rate. Interest rate policies can be first best in the sense of yielding higher quality information than any feasible money growth feedback policies. Unlike desirable money growth rules, interest rate policies do not require more information on behalf of the …
Ratio Equilibrium In An Economy With An Externality, Yozo Ito, Mamoru Kaneko
Ratio Equilibrium In An Economy With An Externality, Yozo Ito, Mamoru Kaneko
Cowles Foundation Discussion Papers
No abstract provided.
Strong Core Theorems With Nonconvex Preferences, Robert M. Anderson
Strong Core Theorems With Nonconvex Preferences, Robert M. Anderson
Cowles Foundation Discussion Papers
It is known that in large economies with strongly convex preferences, the commodity bundles agents receive at core allocations are near their demand sets. Without convexity, it is know that agents need not be near their demand sets, although they will satisfy a weaker condition. In this paper, we show that, for “most” economies (in the sense of probability and in the sense of the Baire category theorem), the stronger form of approximation holds without convexity.
Estimated Output, Price, Interest Rate, And Exchange Rate Linkages Among Countries, Ray C. Fair
Estimated Output, Price, Interest Rate, And Exchange Rate Linkages Among Countries, Ray C. Fair
Cowles Foundation Discussion Papers
No abstract provided.
Cake Slicing And Revealed Government Preference, John J. Beggs, Samuel Strong
Cake Slicing And Revealed Government Preference, John J. Beggs, Samuel Strong
Cowles Foundation Discussion Papers
No abstract provided.
Marginal Cost Pricing, Taxation And Subsidies In Urban Transport, John J. Beggs
Marginal Cost Pricing, Taxation And Subsidies In Urban Transport, John J. Beggs
Cowles Foundation Discussion Papers
No abstract provided.
An Empirical Note On The Disposition Of U.S. Corporations To Undertake Research And Development Expenditures, John J. Beggs
An Empirical Note On The Disposition Of U.S. Corporations To Undertake Research And Development Expenditures, John J. Beggs
Cowles Foundation Discussion Papers
No abstract provided.
Existence Of Equilibrium In A Hyperfinite Exchange Economy: I And Ii, Donald J. Brown, Lucinda M. Lewis
Existence Of Equilibrium In A Hyperfinite Exchange Economy: I And Ii, Donald J. Brown, Lucinda M. Lewis
Cowles Foundation Discussion Papers
No abstract provided.
Properties Of Manipulative Government Forecasts, John J. Beggs
Properties Of Manipulative Government Forecasts, John J. Beggs
Cowles Foundation Discussion Papers
No abstract provided.
The Demand For Telephone Services In Australia And The Welfare Implications Of Alternative Pricing Policies, John J. Beggs
The Demand For Telephone Services In Australia And The Welfare Implications Of Alternative Pricing Policies, John J. Beggs
Cowles Foundation Discussion Papers
No abstract provided.
Core Theory With Strongly Convex Preferences, Robert M. Anderson
Core Theory With Strongly Convex Preferences, Robert M. Anderson
Cowles Foundation Discussion Papers
We consider economies with preferences drawn from a very general class of strongly convex preferences, closely related to the class of convex (but intransitive and incomplete) preferences for which Mas-Colell proved the existence of competitive equilibria [13]. We prove a strong core limit theorem for sequences of such economies with a mild assumption on endowments (the largest endowment is small compared to the total endowment) and a uniform convexity condition. The results extend corresponding results in Hildenbrand’s book [8]. The proof, which is based on our earlier result for economies with more general preferences [2], is elementary.
Duopoly With Differentiated Products And Entry Barriers, Kofi O. Nti, Martin Shubik
Duopoly With Differentiated Products And Entry Barriers, Kofi O. Nti, Martin Shubik
Cowles Foundation Discussion Papers
Product differentiated duopoly with a potential entrant facing a single period fixed cost entry barriers is modeled as a noncooperative game. In addition to characterizing the equilibrium solutions and relating them to entry costs and product differentiation, a comparison of price and quantity competition shows that entry conditions are qualitatively sensitive to the strategic variables used in a given industry. Quantity competition appears to be more favorable for entry than price competition. The use of threats and other exclusionary tactics, such as limit pricing, decisively determine the outcome when entry costs are moderate.
Society, Land, Love Or Money (A Strategic Model Of How To Glue The Generations Together), Martin Shubik
Society, Land, Love Or Money (A Strategic Model Of How To Glue The Generations Together), Martin Shubik
Cowles Foundation Discussion Papers
No abstract provided.
Equilibria Of A Two-Person Non-Zero Sum Noisy Game Of Timing, Carolyn Pitchik
Equilibria Of A Two-Person Non-Zero Sum Noisy Game Of Timing, Carolyn Pitchik
Cowles Foundation Discussion Papers
Necessary and sufficient conditions are obtained for the existence of an equilibrium point (as well as for the existence of a dominating equilibrium point) in a two-person non-zero sum game of timing.
Characteristic Functions And The Tail Behavior Of Probability Distributions, Peter C.B. Phillips
Characteristic Functions And The Tail Behavior Of Probability Distributions, Peter C.B. Phillips
Cowles Foundation Discussion Papers
The theory of Fourier transforms of generalized functions is used to extract general formulas for the tail behavior of a probability distribution from the behavior of its characteristic function in the locality of the origin. The theory is applied to develop asymptotic formula for the tails of the stable distributions.
A Market Value Approach To Approximate Equilibria, Robert M. Anderson
A Market Value Approach To Approximate Equilibria, Robert M. Anderson
Cowles Foundation Discussion Papers
We consider the market value of excess demand as a measure of disequilibrium. We show that, in a fixed exchange economy, there exist approximate equilibria whose measures of disequilibrium depend only on the endowments and not on the preferences. A related bound on the norm of excess demand, depending on the endowments and the approximate equilibrium price, is also obtained. We show the existence of allocations which are nearly competitive, as measured by the largest proportion of demand given up at the allocation by any trader. We use these results to obtain, for very general sequences of exchange economies, allocations …